The journalism world is abound with speculation today that the Obama administration’s planned Wednesday press conference will be the first step in announcing drilling can commence off the Virginia coast.
WSJ:
WASHINGTON—The Obama administration is expected Wednesday to unveil a long-awaited five-year national offshore oil and natural-gas drilling plan, which may include new drilling off the Virginia coast.
The plan is expected to reveal when and where companies such as ExxonMobil, ConocoPhillips and Royal Dutch Shell can explore off the coasts of long-proven oil states such as Texas, Alaska and Louisiana. It also is expected to open new areas offshore between 2012-2017.
Industry officials say the administration is likely to offer a lease sale for exploration blocks off the Virginia coast. This section had been previously set for a 2011 lease sale before the White House pulled it from the program last year. Also, the plan is expected to include a timeline for seismic work on the Atlantic and a schedule for decisions on possible future lease sales off the Eastern shore.
If true, this would be a big step for Bob McDonnell as well as the state. Next step would be legislation that mandates funds go to the state, not the federal government.
More to come as this story develops.
